Facebook Collaborating With MasterCard, Visa, PayPal For Its Cryptocurrency

Daniel Fowler
June 18, 2019

Facebook's debut into the world of cryptocurrency could be just days away.

The cryptocurrency is reported to be called Libra and will be revealed on June 18, with plans to release the coin fully in 2020.

According to a new report, Facebook has been in talks with several financial institutions for its Project Libra and the list includes Mastercard Inc. Yahoo Finance's JP Mangalindan joins Julie Hyman and Adam Shapiro to break down Facebook's latest venture.

Facebook's first crypto project, a secretive token that has been in the making for over a year, is nearly ready to hit the market and has attracted a roster of powerful backers, including financial institutions, fintech companies and e-commerce platforms, The Wall Street Journal reported Friday. This money will be used to create "the backing for the coin", which will be attached to a basket of fiat currencies. Facebook is betting it can change that with a crypto-based payments system built around its giant social network and its billions of users, the Journal reported.

The majority of the blockchain project is being kept firmly under wraps, though the Wall Street Journal is reporting numerous technology heavyweights have been convinced to support the efforts.

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As per the report, neither Facebook nor any other member of the consortium is going to have direct control over the cryptocurrency.

As well as allowing users to send money over Facebook's messaging products like WhatsApp and Messenger, Facebook hopes that its partnerships with e-commerce firms will allow users to spend the currency online.

Facebook's secretive blockchain project is under development and seems like some of the big companies are already on board.

Social media platform Facebook has reportedly secured support from dozens of players in the cryptocurrency and blockchain sector for its forthcoming digital currency.

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